October 16, 2025 — The Tokyo Metropolitan Government (TMG) has just announced a plan to issue a new type of bond called TOKYO Resilience Bonds, with an expected capital mobilization of about 50 billion JPY (about 330 million USD).
The funds raised will be used exclusively for initiatives under the long-term “TOKYO Resilience Project”, which focuses on climate change adaptation and city resilience. The project, which was launched in 2022, aims to enhance the safety and protection of the city against natural disaster risks such as typhoons, floods, major earthquakes, volcanic ash fall, power and telecommunication disruptions, and emerging infectious diseases.
In this issuance framework, TMG has announced the “TOKYO Resilience Bonds Framework” — clearly defining the use of capital and management of issuance cash flow.
Projects eligible for funding include:
- Upgrade small and medium rivers to increase flood resistance.
- Construction and upgrading of coastal protection systems.
- Strengthening river infrastructure.
- Move underground power poles to reduce the risk of collapse during natural disasters.
- Construction and upgrading of landslide prevention, coastal protection and port works for offshore islands vulnerable to storms and coastal hazards.
Mr. Yamashita Satoshi — General Director of TMG Finance Department — stated that:
“In Japan and around the world, responding to increasingly severe storms and floods caused by global warming has become an urgent priority. In this context, TMG decided to issue TOKYO Resilience Bonds, establishing a new financing model to support investment in climate change adaptation measures.”
This bond is the first certified bond under the Climate Bonds Initiative's newly released “Resilience Criteria and Taxonomy” — which expands the “climate” bond standard from just emissions reduction to also adaptation and disaster resilience.
Mr. Sean Kidney — Executive Director of Climate Bonds Initiative — commented:
“By leading investments in projects that protect millions of people from floods, typhoons and tsunamis, the Tokyo Metropolitan Government is setting a precedent for cities everywhere to invest in disaster resilience. This first certification under the resilience classification is a turning point for the sustainable finance market.”